I noticed it under openSUSE 11.1 with version 2.0.9 and 2.0.11.
borisz@linux-z2k7:~> gpgsm
gpgsm: invalid debug-level `basicverbose' given
borisz@linux-z2k7:~> gpgsm -k
gpgsm: invalid debug-level `basicverbose' given
borisz@linux-z2k7:~> gpgsm -K
gpgsm: invalid debug-level `basicverbose' given
borisz@linux-z2k7:~> gpgsm --list-chain
gpgsm: invalid debug-level `basicverbose' given
borisz@linux-z2k7:~> gpgsm --server
gpgsm: invalid debug-level `basicverbose' given